Problem 14-2A The balance sheet of Gaitree Ltd. at December 31, 2013, rep authorized, with 75,000 shares issued and a Common Shares balance of $187,500.Retaine arnings had a credit balance of $150,000. During 2014, the following selected transactions: Mar. 15 Repurchased 10,000 of the company's own com Apr. 29 Declared a 5-percent stock dividend on the shares at $2.75 per shar 65,000 outstanding commor tribution set for May1 shares to holders of record on May 2,es was $6.00 per ares to holders of record on May 2, with dis The market value of Gaitree Ltd. common s Issued the stock dividend shares. Split the common shares held on December 30, 2014 Earned net income of $125,000 during the year. May 16 Dec. 19 2 for 1 by issuing one new share for each old shar 31 Required 1. Record the transactions in the general journal. Explanations are not required. 2. Prepare the shareholders' equity section of the balance sheet at December 31, 2014. 3. Calculate the average issue price per share on December 31, 2014. Assume no sha were issued or repurchased after December 19, 2014